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IFAP highlights £315m wasted by non-taxpayers

IFA Promotion says 5.1 million non-taxpayers would each save an average of £62 if they registered their status with the Inland Revenue.

The savings amount to a total of £315m. IFAP says non-taxpayers, including low earners, can obtain form R85 from their IFA, bank or building society to inform the Revenue of their situation.

Once the Revenue has been told of their status, interest will be paid free of tax on savings accounts.

As part of IFAP&#39s campaign to help people take control of their finances, it has produced a free guide to tax-efficiency available through IFAs. IFAP supplies details of local IFAs on its site at www.unbiased.co.uk or via its hotline.

Chief executive David Elms says: “This has to count as once of the most straightforward ways of avoiding tax wastage and one which affects over five million people.”

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Tuesday, July 9, 2002Type: OeicAim: Growth by investing in pharmaceutical companies,biotechnology, healthcare providers, medical supply companies andproducers of advanced medical devicesMinimum investment: Lump sum £2,000Investment split: Pharmaceuticals 55.5%, healthcare 14%,biotechnology 9.5%, medical technology 7%, medical supplies 8.5%,cash 5.5%Isa link: YesPep transfers: YesCharges: Initial 3.75%, annual 1.5%Commission: Initial 3%, renewal 0.5%Tel: 0800 0684000

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